Jennifer Lang Financial Services, LLC.​Smart Money StrategiesWisdom For the Life You Want

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​​You need to make an insurance claim for damage to your property. What should you do first? What can you expect?

If you’re not familiar with this process, it can feel overwhelming. Fortunately, your insurance agent will partner with you to walk you through the necessary steps. The following tips can also help clarify what to expect and what is considered “normal” for this process.

More than one check is normal. As you work through the claims process, you can typically expect to receive more than one check. Often, homeowners receive an initial sum that is an advance for repairs, but it does not represent the final settlement amount. You can still receive additional funds as expenses are documented and claimed. A separate check is also common for personal belongings, since insurance companies often cut checks for each category of damage. If you incur additional living expenses, such as hotel stays, you may receive yet another check for reimbursement of these claims.

Making direct payments is normal. In some cases, your insurance company may pay contractors directly for the work they complete on your property. However, use caution with this process, since it gives you less control of your claim. Make sure the work is done to your satisfaction before your insurer pays the contractor.
​Mortgage company involvement is normal. Lenders often require borrowers to name them in their homeowner’s policy. If you have a mortgage on your property, the lender will likely be involved in the claims process. Checks for repairs may be made out to both you and your lender.
This lets lenders ensure the needed repairs are made on a property in which they have a vested interest. The same may be true if you are part of a homeowners’ association.

​Many more questions are normal. Most homeowners have questions as they go through the claims process. Don’t hesitate to contact your agent with any inquiries. Your agent’s expertise is invaluable in helping your claim go as smoothly and as quickly as possible.

Do they involve a significant investment in collectibles? Expensive equipment? If your hobby is running, you probably don’t have additional insurance concerns. However, if you collect rare coins, build and operate radio-controlled vehicles, or restore and sell antiques, you likely have a lot more to consider.

If your home houses a hobby that is vulnerable to loss, it’s important to evaluate what insurance coverage you need. Limits on homeowner and renter policies may be too low, or the causes of loss that are covered might not be appropriate. These may not be sufficient to cover your hobby. For example, consider the following:
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The value of your items: does the total push you over your homeowners coverage limits? You might need to increase limits or add a policy.

All the ways you could lose your collectibles: theft, vandalism, fire, etc. Do your current policies cover all the potential types of loss? If not, you may need to expand coverage.

Any risks your activity may pose: does your hobby require any equipment that could be dangerous to others? You might need liability insurance.

Whether it’s partly business: do you sell items from your home? You may need business insurance.

Any unique risks created by your hobby: do you travel to trade shows with your items? Perhaps you need travel insurance, or additional liability insurance. If your hobby involves a single high-ticket item, such as an ATV or an electric guitar, you might need a separate rider to cover this item.
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​If you have a financial investment in your hobby, it’s important to insure it properly. Your insurance agent can help you determine what coverage you need for the best protection. Which is what it’s all about. After all, your beloved obsession is so much more than a toy!

​Many more people are working at home than in the past, either starting their own businesses or on work-at-home contracts with their employers.

But while the idea of commuting 10 feet to your office in your pajamas sounds wonderful, there are some things to bear in mind in order to make the experience successful.

Your office spaceIt's important to divide your working space from the rest of your home as much as possible. Ideally, you will have an office in a separate room, but if that's not possible, try to dedicate within a room a space that's just for business, perhaps using a screen or divider to separate your desk from the rest of the room.

If you live in a noisy house, try to find somewhere quiet where you can talk on the phone, otherwise you will find it difficult to project a professional image.

Your 'office hours'If you can, keep to strict office hours rather than let your work time overflow into your personal time. Doing this will help present a professional image to your clients or employer and also stop your workplace stresses from interfering with your private life. Imagine 'shutting the door' on work at the end of the day and not going back until you are due to start again.

Your family and friendsSometimes, people believe that if you're working at home, they can interrupt you whenever they like. Tell your loved ones that even though you are at home, you are working and that they should not disturb you.
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*Referring SafeMoney.com Advisor: Jennifer LangIf I could show you a way to stay in control of your money until you take your last breath, but instead of giving that money to the government, nursing home or hospital, you could keep that ​

money in the family for generations to come, at the very least wouldn’t you want to know how to do that?​Learn how to protect your money from unnecessary risks.